In which of the following market structure is the degree of control over the price of its product by a firm very large?
A). Imperfect competition
B). Perfect competition
C). Monopoly
D). In A and B both
Monopoly
In Monopoly market structure the degree of control over the price of its product by a firm very large. In a monopoly type of market structure, there is only one seller, so a single firm will control the entire market. It can set any price it wishes since it has all the market power. Consumers do not have any alternative and must pay the price set by the seller.
1. A tax which is paid by the person on whom the tax is incident is called a :
2. In the long run, normal profits are included in the _____ curve
3. If rate of interest is 10%, the PV (present value) of Rs.100 received in 1 year's time is
5. At the current price there is a shortage of a product. We would expect price to:
6. During short period, diminishing returns may follow because
7. A mixed economy is characterized by the co-existence of
8. Among Indian Economists who had done pioneering work on National Income
9. The demand for a normal good decreases with ________ in the consumer's income